Actually, this topic can be extended There’s still a lot to talk about But the conclusion almost always points to BTC lacking new funds and having too much arbitrage capital In other words, A bigger narrative is needed to drive off-market funds, thereby boosting off-market purchasing power ————— High-level perspective: What’s also visible is the disappearance of the MSTR premium, which will lead to a shift in BTC’s cycle skew—from shorting MSTR and longing BTC to Closing MSTR shorts and closing BTC longs Essentially, this reduces the resistance for BTC to break upward, similar to how ETH’s natural market maker sell pressure has decreased ————— Issues that still exist: Mainstream miners calculate based on $0.07 electricity costs, with the shutdown price around $70,000 Meanwhile, MSTR’s premium will disappear when BTC drops to $75,000 This is a fact known to all institutions in the market It could trigger a massive negative event to clear liquidity ————— This article is just to spark discussion—feel free to share your thoughts!